Royle has just settled a mortgage for a couple in their 30s who had $104,000 worth of what he calls "crap debt" spent on holidays and consumer goods.

If banks are lending on the assumption it will be paid off with the KiwiSaver lump sum at age 65, the individual is back to square one of eking out a lot of retirement years on a very low income, which could get lower if governments of the day so desires.

The credit culture means that people are also reaching retirement with consumer debt ranging from HP to car and personal loans, which will have to be paid off somehow.

Anyone who thinks all this debt is essential should take fewer hallucinogenic drugs.

When putting a car or other more expensive spending such as home renovations on the mortgage, borrow that portion of the money over a shorter period, says David Boyle general manager investor education at the Commission for Financial Capability.

If, for example, you're borrowing $50,000 to buy consumer goods or refinance the debt off credit cards, pay that chunk off sooner. That's less harmful than paying it off over 20, 25 or 30 years.

Boyle points out that if he added $50,000 to his mortgage over five years, the total interest paid would be $7,655 at 5.8 per cent.

Borrowed over 10 years, the interest on the same $50,000 would be $15,948 and over 20 years, it's $34,675.

"That's around two-thirds of the original cost of the car," he says. "Crazy; not forgetting by that time the cars value is now $1000 if you are lucky.

Even better, try to become more aware of the long-term implications of what and how you're borrowing.

The final word goes to Lister, who says something refreshing, or even revolutionary for 21st-century New Zealand.

"Rather than using the lowest interest rates in 50 years to rack up more debt, people should think about upping their mortgage payments to smash that debt away while the interest costs are low. Better to make hay while the sun shines."